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Credit Suisse is runaway leader for multi-fund money

Credit Suisse&#39s multi-manager funds took in almost 20 times more money than Henderson&#39s and close to four times those of Jupiter in the fourth quarter of 2003, according to a confidential report.

The report, which for the first time shows fund groups&#39 gross sales of multi-manager funds, reveals Credit Suisse attracted £117.8m in Q4, blazing ahead of rivals Jupiter and Henderson, with respective sales of £30.3m and £6.8m.

Credit Suisse even outsold major life companies such as Skandia, which attracted £115m into its multi-manager funds, and Scottish Widows – tied to Frank Russell – which pulled in £98m.

Credit Suisse attributes its success largely to the fact that its funds clocked up their two-year track record last August, qualifying them for a number of IFA panels.

But it also benefited from strong inflows into its constellation fund – which it believes attracts IFAs who usually shun multi-manager – and the waiving of its front-end charge, which prompted a flood of transfers from rival providers.

Credit Suisse&#39s sales could not be compared with some multi-managers, however, as companies such as New Star were unable to provide discrete figures.

Alan Steel Asset Management consultant Alan Adam says: “I think Credit Suisse has been very successful in going after the Rothschild fund of funds money, even before it was bought by Insight and Bambos Hambi left. Henderson, though, is struggling. It is no longer a leading company in multi-manager.”


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